Crypto News

Thailand bets on crypto millionaires to revive COVID-battered tourism industry

The Tourism Authority of Thailand (TAT), which is looking to create infrastructure to accept crypto as a form of tourism exchange, has partnered with local cryptocurrency exchanges to help them.

Bloomberg reports that Yuthasak Supasorn, the governor of TAT, is looking to make it easier for crypto elites in the country to transact in this asset type. The country has lost nearly $80 billion in revenue during the pandemic.

Yuthasak stated that crypto is the future and Thailand must be a crypto-positive country to attract this group of high-quality tourists. The tourism department tried to attract wealthy Japanese crypto-holders in February but the results were disappointing.

The governor doesn’t expect tourism to return to the normal levels that they were during the pre-COVID period, when it was 40 million tourists per year. The TAT is considering launching its own TAT currency to promote crypto-tourism. Although the infrastructure is in place, approval from the government is still required.

Most Thai financial regulators and government are not positive about crypto’s acceptance. Digital assets are not legal tender in Thailand. The country’s anti money laundering office ordered that crypto exchanges verify the physical identities of all new customers in July 2021.